Based on a report by Grand View Research, Inc.; the global glycerol market is likely to attain a valuation of USD 2.52 billion by 2020. Glycerol is has high water solubility and hygroscopic properties. It can be natural or synthetic that is based on raw material used in its manufacturing process. Growing demand for oleochemicals, increasing use in biofuel production, and rising application in food production can propel the market over the forecast period (2014 to 2025).
Glycerol is non-toxic in nature and has good nutritional value; therefore it is extensively used in numerous consumer products. It can be widely used as preservative and food sweetener. Improving lifestyle in developing countries has increased the consumption of processed and packed foods. Glycerol is also utilized in the production of explosives, antifreeze chemicals, perfumes, and pharmaceuticals. All these factors are anticipated to impel the global market for glycerol during the forecast period.
Development in healthcare technologies is likely to expand the market. High prevalence of diabetes and changing food habits are likely to increase the use of glycerol as a low-calorie source of carbohydrate and lecithin. Glycerol is also increasingly being used in various personal care products due to its healing properties. It can be also utilized in the production of renewable chemicals to evolve economic feasibility. However, uncertain supply of raw materials and fluctuating government directives can hamper the market growth in the forthcoming years.
Full Research Report On Glycerol Market Analysis:
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The worldwide glycerol market has been segmented on the basis of source, application, downstream opportunities, and region. As per source, the market has been categorized into biodiesel, fatty alcohols, fatty acids, and soap industry. Fatty alcohols are anticipated to showcase the fastest growth at an estimated CAGR of 8.3% over the forecast period. Based on application, the market has been classified into food and beverages, personal care and pharmaceuticals, alkyd resins, tobacco humectants, polyether polyols, and others. Food and beverage is projected to grow rapidly with an estimated CAGR of 8.4% from 2014 to 2020. As per downstream opportunities, the market has been segmented into 1,3 propanediol, epichlorohydrin, propylene glycol, and others.
Geographically, the market has been divided into, Europe, Asia Pacific, North America, and rest of the world (ROW). In 2013, Asia Pacific captured the largest market share with an estimated 37% market share in terms of volume. It is likely to show rapid growth over the forecast period with a projected CAGR of 7.8%. The growth can be attributed to rising use in China to produce epichlorohydrin. Rapidly developing paint and coating industries are anticipated to further impel the regional market. In addition, availability of raw materials like palm oil in Indonesia and Malaysia as well as rapeseed and castor oils in India is anticipated to attract more manufacturers in the region.
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Europe has been one of the largest consumers of glycerol owing to its high usage in the production of Propylene glycol and epichlorohydrin. Increasing use in food and beverage, pharmaceuticals, and personal care products can drive the demand for glycerol in the region over the forecast period. Additionally, rising biofuel production may also provide manufacturing avenues for the key market players in the region.
Middle East is likely to witness considerable growth in near future with rising use of glycerol in alkyd resins and related products and demand from pharmaceutical and cosmetic producers.
Some of the leading manufacturers operating in the glycerol market include United Coconut Chemicals, Inc.; Solvay S.A.; Dow Chemical Company; Emery Oleochemicals LLC; and Twin Rivers Technologies, Inc. The market looks extremely competitive due to constant mergers and acquisitions activities by big market players who are looking for business expansion and increased production volume.
Product development is also one of the major trends observed in the global market. For instance, Horizon Pharma plc has recently developed a product called RAVICTI (glycerol phenylbutyrate). It is an oral liquid, which can be used in the treatment of urea cycle disorders among children in the age group of two months to two years.
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